Maui Land & Pineapple Reports Q2 2024 Results

TL;DR

**MLP Q2 2024:** Assets $43M, Liabilities $19.6M, Sales $0.0001, Net Loss $0.0001. **Yikes.**

AI Summary

Maui Land & Pineapple Co. Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $43,000,000 and total liabilities of $19,650,489. Net sales for the quarter were $0.0001, with a net loss of $0.0001.

Why It Matters

This filing provides insight into the financial health and operational performance of Maui Land & Pineapple Co. Inc. during the second quarter of 2024.

Risk Assessment

Risk Level: medium — The company's minimal sales and net loss suggest potential financial instability and operational challenges.

Key Numbers

• $43.0M — Total Assets (As of June 30, 2024)
• $19.6M — Total Liabilities (As of June 30, 2024)
• $0.0001 — Net Sales (For the quarter ended June 30, 2024)
• $0.0001 — Net Loss (For the quarter ended June 30, 2024)

Key Players & Entities

• MAUI LAND & PINEAPPLE CO INC (company) — Filer
• 20240630 (date) — Period of Report
• $43,000,000 (dollar_amount) — Total Assets
• $19,650,489 (dollar_amount) — Total Liabilities
• $0.0001 (dollar_amount) — Net Sales
• $0.0001 (dollar_amount) — Net Loss

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value MLP NYSE Indicate by ch
• $19,000 — ided BRE2LLC with additional funding of $19,000.According to terms of the joint venture

Filing Documents

• mlp20240630e_10q.htm (10-Q) — 975KB
• ex_706738.htm (EX-31.1) — 13KB
• ex_706739.htm (EX-31.2) — 13KB
• ex_706740.htm (EX-32.1) — 6KB
• ex_706741.htm (EX-32.2) — 6KB
• 0001437749-24-027225.txt ( ) — 4639KB
• mlp-20240630.xsd (EX-101.SCH) — 42KB
• mlp-20240630_cal.xml (EX-101.CAL) — 31KB
• mlp-20240630_def.xml (EX-101.DEF) — 302KB
• mlp-20240630_lab.xml (EX-101.LAB) — 247KB
• mlp-20240630_pre.xml (EX-101.PRE) — 327KB
• mlp20240630e_10q_htm.xml (XML) — 599KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5

Condensed Consolidated Interim Financial Statements (unaudited)

Item 1. Condensed Consolidated Interim Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets, June 30, 2024 and December 31, 2023 (audited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss, Three Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Operations and Comprehensive Loss, Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Changes in Stockholders' Equity, Three and Six Months Ended June 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows, Six Months Ended June 30, 2024 and 2023 9 Notes to Condensed Consolidated Interim Financial Statements 10

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 25

Exhibits

Item 6. Exhibits 26 Signature 27 EXHIBIT INDEX Exhibit 2.1 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 32.2 Exhibit 101 Exhibit 104 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q (this "Quarterly Report") and other reports filed by us with the U.S. Securities and Exchange Commission (the "SEC") contain "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include all statements included in or incorporated by reference to this Quarterly Report that are not statements of historical facts, which can generally be identified by words such as "anticipate," "believe," "continue" "could," "estimate," "expect," "intend," "may," "might," "project," "pursue," "will," "would," or the negative or other variations thereof or comparable terminology. We caution you that the foregoing list may not include all of the forward-looking statements made in this Quarterly Report. Actual results could differ materially from those projected in forward-looking statements as a result of the following factors, among others: the occurrence of natural disasters such as the Maui wildfires that occurred on August 8, 2023, changes in weather conditions, or threats of the spread of contagious diseases; concentration of credit risk on deposits held at banks in excess of the Federal Deposit Insurance Corporation (the "FDIC") insured limits and in receivables due from our commercial leasing portfolio; unstable macro

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Interim Financial Statements (unaudited)

Item 1. Condensed Consolidated Interim Financial Statements (unaudited) MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (unaudited) (audited) (in thousands except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,733 $ 5,700 Accounts receivable, net 1,337 1,166 Investments, current portion 2,949 2,671 Prepaid expenses and other assets 644 467 Total current assets 8,663 10,004 PROPERTY & EQUIPMENT, NET 16,319 16,059 OTHER ASSETS Investments, net of current portion 278 464 Investment in joint venture 1,627 1,608 Deferred development costs 13,363 12,815 Other noncurrent assets 1,686 1,273 Total other assets 16,954 16,160 TOTAL ASSETS $ 41,936 $ 42,223 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES Accounts payable $ 1,310 $ 1,154 Payroll and employee benefits 431 502 Accrued retirement benefits, current portion 142 142 Deferred revenue, current portion 513 217 Other current liabilities 517 465 Total current liabilities 2,913 2,480 LONG-TERM LIABILITIES Accrued retirement benefits, net of current portion 1,506 1,550 Deferred revenue, net of current portion 1,300 1,367 Deposits 1,968 2,108 Other noncurrent liabilities 30 14 Total long-term liabilities 4,804 5,039 TOTAL LIABILITIES 7,717 7,519 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock--$ 0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding - - Common stock--$ 0.0001 par value; 43,000,000 shares authorized; 19,650,489 and 19,615,350 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 85,369 84,680 Additional paid-in-capital 12,475 10,538 Accumulated deficit ( 56,864 ) ( 53,617 ) Accumulated other comprehensive loss ( 6,761 ) ( 6,897 ) Total stockholders' equity 34,219 34,704 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 41,

View Full Filing

View this 10-Q filing on SEC EDGAR